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Candax Announces Management Appointments & IFC Investment Update

Source: 12/21/2011, Location: North America

Candax Energy Inc is pleased to announce that Benoit Debray, Chairman of Candax has been appointed Chief Executive Officer effective January 1, 2012 and Pierre-Henri Boutant has been appointed Chief Financial Officer effective February 1, 2012. John Younger remains interim President however effective March 1, 2012 he will become the permanent President.

Benoit Debray joined the Candax board in June 2010 and this appointment reflects his increased involvement in Candax day to day operations. Pierre-Henri Boutant has 15 years of experience primarily in the oil and gas industry. His most recent position was Corporate Finance Manager of Geoservices, an upstream oilfield service company operating in 50 countries worldwide with a team of more than 5,000 employees that was acquired by Schlumberger Limited in early 2010, a position he was promoted to after holding the positions of District Controller for Operations in Africa and Area Controller for North and South America. Prior to joining Geoservices, Pierre-Henri Boutant spent four years with Elf Aquitaine in France and Gabon and four other years as manager for Bearing Point, a business consulting firm. Pierre-Henri Boutant holds a Certificate in Accounting and Financial Studies and a Masters Degree in Management from the Institut Supérieur du Commerce de Paris, France.

Candax also announces that due to the timing of internal approval procedures at International Finance Corporation (IFC") execution of binding agreements for the previously announced agreement in principle with IFC for the investment in Candax of $9,790,000 (with an additional $14,000,000 to be invested if all warrants are exercised) has been delayed until mid January at the earliest and a meeting of Candax shareholders to consider the IFC transaction will likely occur early February. If approved, the transaction could then complete by the end of February or in March of next year.

Benoit Debray, Chairman of Candax, commented, "I am pleased to take on management responsibilities as 2012 will be a busy operations year for Candax post the asset evaluation that has been undertaken and the potential investment by IFC. I would also like to express how pleased we are to have Pierre-Henri join the Candax team. His oil and gas industry experience and in particular the experience he gained working in the field will be very valuable to Candax."

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